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ยป VISIT US ONLINE @ DSNEWS.COM 93 IN THE NEWS Community Organizations Work to Prevent Foreclosure Increasingly, community organizations are getting more involved in ensuring that their citizens are able to avoid foreclosure and stay in their homes. e motivation is simple: Fewer foreclosures make for more stable com- munities. More stable communities reduce crime and protect property values. To that end, Boston Community Capital (BCC) created the Stabilizing Urban Neighborhoods (SUN) program to allow borrowers to remain in their homes, while still achieving principal reduction and lower- ing their monthly payment. e program boasts the simplicity of the process. First, potential borrowers go through the qualifying process by having their finances and employment situations carefully analyzed for repayment likelihood. e organization then negotiates a short sale with the lender's representative to buy a foreclosed home at the current, distressed market value. e market value for these homes is typically substantially less than the amount originally paid by the homeowner. Finally, BCC resells the home, typically at current fair market value, to its existing occu- pants with a new, fixed-rate 30-year mortgage that fits within their budget. BCC says that SUN has provided more than $71 million in mortgage financing to help more than 500 families remain in their homes. On average, SUN borrowers receive a 38-percent reduction in principal to their loans, which are generally funded by private investors and foundations. Although the principal is reduced, the interest rate on the loans is slightly higher than traditional banks. BCC contends that the delinquency rate on these new loans is extremely low. Maine RANK: 5 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JUNE 2014 2.57% 3.84% 5.5 YEAR AGO 2.54% 5.31% 6.7 YEAR-OVER-YEAR CHANGE 1.0% -27.6% -1.2 Top County WASHINGTON COUNTY 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 4.25% 8.10% YEAR AGO 5.00% 12.08% YEAR-OVER-YEAR CHANGE -15.1% -33.0% Top Core-Based Statistical Area LEWISTON-AUBURN, ME 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 3.16% 5.73% YEAR AGO 3.48% 7.08% YEAR-OVER-YEAR CHANGE -9.4% -19.1% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary June 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Maryland RANK: 10 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JUNE 2014 2.94% 2.36% 6.1 YEAR AGO 3.65% 3.84% 6.7 YEAR-OVER-YEAR CHANGE -19.3% -38.5% -0.6 Top County CAROLINE COUNTY 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 4.21% 5.30% YEAR AGO 5.22% 7.07% YEAR-OVER-YEAR CHANGE -19.5% -25.1% Top Core-Based Statistical Area CAMBRIDGE, MD 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 3.57% 4.12% YEAR AGO 3.83% 7.35% YEAR-OVER-YEAR CHANGE -6.8% -43.9% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary June 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Massachusetts RANK: 27 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JUNE 2014 3.47% 1.42% 5.6 YEAR AGO 3.37% 2.28% 7.2 YEAR-OVER-YEAR CHANGE 3.1% -37.8% -1.6 Top County FRANKLIN COUNTY 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 5.63% 2.88% YEAR AGO 5.29% 3.59% YEAR-OVER-YEAR CHANGE 6.4% -19.6% Top Core-Based Statistical Area SPRINGFIELD, MA 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 6.03% 2.53% YEAR AGO 5.24% 3.58% YEAR-OVER-YEAR CHANGE 15.1% -29.3% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary June 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. New Hampshire RANK: 33 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JUNE 2014 2.01% 1.02% 4.4 YEAR AGO 2.17% 1.43% 5.3 YEAR-OVER-YEAR CHANGE -7.4% -29.0% -0.9 Top County COOS COUNTY 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 2.61% 1.84% YEAR AGO 2.80% 2.22% YEAR-OVER-YEAR CHANGE -6.7% -17.2% Top Core-Based Statistical Area BERLIN, NH-VT 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 2.49% 2.21% YEAR AGO 2.80% 2.22% YEAR-OVER-YEAR CHANGE -11.1% -0.3% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary June 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Nineteen percent of underwater homes in Massachusetts resurfaced in July 2014, according to RealtyTrac. KNOW THIS